Bitcoin has soared in recent days, breaking out of its long malaise and hitting highs not seen since April. The world’s biggest cryptocurrency touched a high of $35,198 last week, but has yet to close over the key $35,000 threshold.
The move to $35K comes on the heels of an exciting breakout. In the span of just 10 days, Bitcoin gained nearly 30% and broke above the $30,000 resistance level in convincing fashion. Trading volume soared to $55 billion, well above the normal range of $10-$15 billion in daily volume.
Traders are now debating whether Bitcoin will consolidate around $35,000 or continue its move higher on strong momentum. But one analyst has thrown down the gauntlet with a bullish prediction: Bitcoin will hit a new all-time high next year.
Analyst Jason Pizzino Predicts $70,000 Price Target in Sept ‘24
Crypto analyst Jason Pizzino predicts that Bitcoin’s current momentum is the beginning of a long-term recovery. He predicts that BTC will target the $70,000 price level—and hit a new all-time high—around September 2024.
Pizzino laid out his prediction in a YouTube video shared with his nearly 300,000 subscribers.
He points to the divergence between bearish price action in the S&P 500 and the bullish action in Bitcoin as an unusual signal. Bitcoin normally follows the S&P 500, and Pizzino predicts that Bitcoin could rise even further when the stock market recovers.
Pizzino also conducts an analysis of roughly 39-month macrocycles in the S&P 500 that take place every 20 years. The latest macrocycle began in late September and is set to complete at the end of 2025.
Based on previous cycles, Pizzino expects the S&P 500 to experience a sharp recovery starting 11 months from now—September 2024. That recovery is a rising tide that will lift all boats, including Bitcoin.
When a bullish market cycle coincides with already strong momentum in Bitcoin, says Pizzino, the price of BTC could skyrocket upwards.
Bitcoin Minetrix Enables Investors to Capture BTC Upside Through Mining
Investors who want to bet on Pizzino’s bullish prediction can buy Bitcoin. But buying Bitcoin directly means that investors are fully exposed to the token’s volatility. If Pizzino is wrong—or if Bitcoin simply goes through a lot of ups and downs before hitting a new all-time high—investors could end up losing money.
An alternative way to speculate on Bitcoin’s price without being directly exposed to its price fluctuations is to take up Bitcoin mining. Mining is normally out of reach for individual investors, but a new crypto project is changing that.
The way Bitcoin Minetrix works is that when investors stake $BTCMTX, they earn non-transferrable mining credits. They can then redeem these credits for mining hashpower from an established data center and mine Bitcoin in the cloud. All of the BTC that investors mine is sent to their wallets.
A key advantage to this system is that investors never have to send crypto to a third-party mining operation. Their $BTCMTX tokens remain safely locked throughout the process. This ensures that investors can’t be scammed when renting hashpower.
Investors can buy $BTCMTX tokens today during the Bitcoin Minetrix presale. The token is on sale at a discounted price of only $0.0113, giving investors a chance to lock in $BTCMTX—and future BTC rewards—for the lowest possible price.
The presale has already raised more than $2.7 million and is on track to sell out quickly. Investors won’t want to miss this opportunity to buy $BTCMTX and get in on Bitcoin before it explodes to a new all-time high.
